Buy Patni Computer at 620: Anand Rathi Securities

Bangalore: Anand Rathi Securities is bullish on Patni Computer Systems and recommended to buy the stock with a price target of 620.

In its report, the brokerage firm stated that the company has been able to increase utilization and lower overhead costs to maintain margin. "We forecast a steady margin performance over 2009-11 by the flattening out of the employee pyramid, improving productivity through fixed-price projects and further cost rationalization," said the firm.

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Patni Computer Systems (Patni) is a provider of information technology (IT) services. It delivers a range of IT services through globally integrated onsite and offshore delivery locations primarily in India, which it calls its global delivery model. Patni offers its services to customers through industry-focused practices, including insurance, manufacturing retail and distribution, financial services and communications, media and utilities, and through technology-focused practices. Its service lines include application development, application maintenance and support, packaged software implementation, infrastructure management services, product engineering services, business process outsourcing and quality assurance services.